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Volume 2, Nomor 1

Volume 2, Nomor 1, Januari 2005












Pengaruh Stock Split Terhadap Likuiditas Perdagangan dan

Return Saham pada Bursa Efek Jakarta


Perdana Wahyu Santosa
Kurniawan Eka Prasetya


In this paper we examine the relation between stock splits and liquidity of transaction and individual stock’s return.  The research of stock splits has often been done by researchers in many implication to other variable such as significance change of price and others fundamental factors.  But Stock splits still have been a puzzling to capital market analyst. The reason of  many reactions after stock splits has not been clearly understood.  There are,  basically, two types of opinion in stock splits. The first, stock splits have no implication to stock (cosmetics),  and second it has significance implication. The purposes of this paper is retest whether stock splits can implied liquidity of stock transaction and associated with stock’s return itself at Jakarta Stocks Exchange (JSX). This test use paired sample t-test for each variable and multiple regression.   The analysis use data of the emitens at JSX in 2002 which announced stock splits policy and event study. Research took 21 days tradding, where 10 days before splits and 10 days after splts and the day of the first time of split.  The result of this study are (1) Stock splits have implication to stock’s price. (2) No implication to trade volume, # transaction per day, spread percentage and stok’s abnormal return.


Pemikiran Ekonomi Islam dan Lembaga Keuangan Syariah


Nurul Huda 


The concept of Islamic economics is to keep the Islamic values still prevail and can actualize treatise which is brought  by  moslem people itself. Law. Number 10/ 1998 Concerning Banking, is giving opportunity which is implemented by dual banking system in the National Banking to day. This act is quickly motivate  to opening syariah division in Conventional Bank. Besides that, performance the bank of syariah also very good especially if to be seen from the aspect of Financial deposit ratio (FDR) in the amount of 102.07 percent. That is means all of fundings which obtained from public and spent all  of those in the financing forms. Likewise, syariah capital market in which amount of bond has been issuing in the amount of 1.070 billion with return indication are in interval 13 percent to 17 percent.  For syariah stock Jakarta Islamic Index (JII) has return more higher than market return.


Seluk Beluk Pasar Modal Indonesia




Capital market as an investment vehicle for investors in Indonesia is experiencing a meaningful development. In improving capital market, goverment has done various policies in term of incentives to investors. A number of products or instruments in Jakarta stock exchenge also begin to develop such as stock, obligation, warrant, right issues and venture capital. The process of recording in stock exchange is undertaken through primary board phase and than to middle board, and there is a possibility for tranfer.


Ekonomi Politik dan Dampak Pengurangan Subsidi  BBM




In Indonesia, the biggest subsidy is given by the State in the present is using policy of oil pricing  (BBM) for domestic use that the largest part will be influenced by current foreign exchange, International oil price, the volume of consumtion,  and sale price of oil for domestic use. The rise of oil price which is announced by Indonesia government will bring about profound impact on economic activity and politics in society as follow: inflation and oil fraud.


Kebijaksanaan Pengaturan Tanggungjawab Pengangkut dan 

Perusahaan Bongkar Muat Kapal di Indonesia


Yogi Sumakto 


The primary goal of this study is to describe the juridical implication  of liability of the carrier and cargo handling company (or operator of the transport terminal) under the Regime of Government Regulation Number 5/ 1964; Government Regulation Number 2/1969; and Government Regulation Number 17/1988 juncto Presidential Decree Number 4/1985 and Presidential Decree Number 3/1991. All of these policy  regimes of carring for carriage by the sea; especially on the juridical implication which is emerged by limitation of  liability of the carrier  and stevedoring activity are viewed from historical perspective of the Indonesian maritime law. And, in my study, i found that all of those regimes are not to illustrate yet the ideal resolving.